London – UK Regional Labour Market Trends, December 2023
London job market has the worst year since the pandemic, green shots for 2024?
Key findings include:
- Recruitment in London falls by 39%
- In 2023, the technology industry experienced a 62.8% drop from 2022.
- IT remains the largest area, but volumes decreased by 49%
- Turner & Townsend had an impressive 71.2% year-on-year increase
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Despite a 39% decrease in recruitment patterns in London in 2023 compared to the previous year, the city maintains a pivotal position in professional opportunities, expected to contribute 34% of the UK’s vacancies, emphasizing its crucial role in the national job market. This is according to the latest UK National Labour Market Trends report by APSCo and labour market data analysts Vacancysoft.
Ann Swain – CEO – APSCo – comments:
“Government investment in AI, Technology and Hi-Tech Industry should start to manifest in terms of job creation, specifically in skilled positions.”
Tech Sector Faces a Sharp Decline
In 2023, notwithstanding the technology sector leading in new job postings, it underwent a notable decrease of 62.8%, leading to its share of the total vacancies dropping from 27% to 16.5% compared to the previous year.
Notable Decline in IT Trends
Although IT retains its overall dominance, a significant 49.0% decrease in volumes has resulted in a reduction in its total share, notably affecting the Development and engineering sector, which has seen a substantial -55.0% decline, reaching a record low of 26.2% share in IT Professional vacancies.
Substantial Growth in Vacancies
The lack of major players within the big four is a noteworthy observation; nonetheless, it is worth emphasizing the significant growth in job vacancies for Turner & Townsend, Real Estate Firm JLL, and Version 1, with increases of 71.2%, 67.7%, and 66%, respectively.
Similarly, the signs are that the technology industry is picking up steam again, and that, combined with interest rates being forecasted to fall next year, bodes well for 2024.
Delve into UK recruitment trends analysis to gain insights that shape the market!
All data featured in this report is available in the Vacancy Analytics platform, which is updated in real-time and allows for interactive analysis, giving you the power to drill into trends to identify the key insights, you need to power your business.
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